NEW YORK (MarketWatch) -- Verizon Wireless said Thursday it has entered into an agreement to acquire Alltel Corporation in a cash merger. Verizon Wireless -- a joint venture of Verizon Communications (VZ: 38.83, +1.85, +5.0%) and Vodafone (VOD: 31.57, +1.47, +4.9%) -- said it will acquire the equity of Alltel for approximately $5.9 billion. Based on Alltel's projected net debt at closing of $22.2 billion, the aggregate value of the transaction will be $28.1 billion, the company said. Verizon said it sees the deal closing by the end of the year.
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